GCEX crypto broker becomes fifth licensed VASP in Dubai UAE

GCEX crypto broker becomes fifth licensed VASP in Dubai UAE

GC Exchange part of the GCEX Group, has been granted an Operational VASP Licence for VA Broker Dealer services from Dubai’s Virtual Asset Regulatory Authority (VARA)

GCEX, which opened its Dubai office in July 2022 and received its MVP (Minimal Viable Product) Preparatory Licence from VARA in February 2023, can now start market operations as a Virtual Asset Service Provider (VASP) in the Emirate of Dubai, enabling brokers, hedge funds, family offices and professional traders to access its deep liquidity in digital assets and range of technology solutions.

GCEX facilitates institutional access to digital assets through its proprietary XplorDigital trading solutions, which comprises of a technology-agnostic platform covering regulation, regulated custody, the safety of funds, tier 1 liquidity and technology (both back-end and front-end). GCEX only partners with regulated institutional digital custody and staking providers and always segregates client funds.

Mehtap Önder, Managing Director, GCEX in Dubai, commented in a press release, “VARA is leading the way in the global digital asset industry, and we are extremely proud to be one of the first firms to receive a VASP Operating Licence to provide Virtual Asset Broker-Dealer services and the first firm to gain approval to operate with a client money account, highlighting our focus on client protection.Being a regulated entity in the region is important to us – it’s the ideal way to demonstrate our commitment to adhering to international standards and implementing robust processes, with transparency and investor protection at the core of our offering. This is a major milestone for our business and is critical to GCEX’s growth strategy, enabling us to have a stronger presence in the region.”

GCEX Group enables institutional clients to access deep liquidity in FX and CFDs on digital assets, as well as digital assets spot trading and conversion and a broad range of trading solutions. Headquartered in London, with multiple offices across the globe, GCEX is regulated by the UK’s FCA and registered with the Danish FSA. True Global Ventures are investors in GCEX.

To date five crypto exchanges, Fuze, BackPack, Toko, Laser Digital, and GCEX have received full licences to operate in UAE under the VARA regime, with Crypto.com still awaiting final sign offs before it receives its full VASP license. The more well global names such as Binance, ByBit, OKX have yet to receive theirs, while BitOasis remains in frozen status.

UAE home grown Fuze Finance receives license from Dubai virtual asset regulator

UAE home grown Fuze Finance receives license from Dubai virtual asset regulator

UAE based Fuze Finance under the licensed name Morpheus Software Technology (FUZE) FZE has just received a full VASP license from Dubai’s Virtual asset regulatory Authority. Fuze offers embedded digital asset capabilities for financial institutions as a digital asset infrastructure provider for the Middle East.

VARA’s license will allow Fuze Finance to offer broker dealer services, allowing them to serve institutional investors, retail and qualified investors. Through this licence, the business will be able to serve customers through two core service lines: firstly, via digital assets as a service (DAAS) enabling banks, fintechs and enterprises to integrate B2B2C digital asset products natively into their channels and secondly, through a regulated Over-The-Counter (OTC) service providing investors with a technology-first option for executing institutional-level digital asset trading with ease and efficiency.

With a regional digital asset market worth $566bn, and growing at 48% YoY, Fuze co-founder and CEO, Mohammed Ali Yusuf believes the Middle East is the perfect home to establish a digital assets infrastructure business.

Ali Yufu on receiving the license noted, “We thank VARA for assessing and approving our licence. VARA’s comprehensive and consultative process demonstrates the robust framework at the heart of this booming industry. Across the UAE, digital assets businesses are being welcomed to a thriving ecosystem with regulation that matches rapid innovation and adoption. Businesses can now have full confidence in the regulated infrastructure that Fuze provides, as we support the world’s fastest-growing digital assets hub.”

In September 2023 UAE headquartered Fuze Finance, raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA). The investment was led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures.

Fuze wanted to benefit from the strategic capital and network of these investors, acting as a catalyst for the business as it builds the digital asset infrastructure that will drive the future of finance.  A first-of-its-kind infrastructure provider in MENA, Fuze enables any bank, fintech or traditional enterprise to easily offer regulated digital assets products to their customers through their native apps.

Fuze was founded by an expert team of fintech, traditional finance (TradFi) and decentralized finance (DeFi) leaders, with its co-founders holding extensive knowledge from experience in global hypergrowth businesses.

CEO, Mohammed Ali Yusuf (Mo Ali Yusuf) has held prominent roles at Checkout.com and Visa; Arpit Mehta (COO) was previously in the leadership team at fintech leaders like Simpl and Clear; Srijan Shetty (CTO) built algorithmic trading systems at Goldman Sachs and worked at tech leader Microsoft.

Yusuf at the time of raise stated, “We are excited to build the future of regulated financial infrastructure and digital assets out of the UAE. Regulations have played a pivotal role in propelling the UAE into a central position within the global Digital Assets industry. To receive the backing of Abu Dhabi-headquartered Further Ventures combined with the deep expertise of US-based Liberty City Ventures, confirms the relevancy and potential of Fuze’s mission to rapidly expand our cutting-edge infrastructure across the region.”

Article updated on November 20th 2023

Indian crypto custodian Liminal receives in principle approval from Abu Dhabi regulator at ADGM

Indian crypto custodian Liminal receives in principle approval from Abu Dhabi regulator at ADGM

In a press release, Indian based digital asset custodian and wallet, Liminal has been granted an In Principle Approval by Abu Dhabi’s Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a custody provider for Virtual Assets.

Liminal is working diligently to fulfill all the IPA conditions and meet FSRA’s stringent requirements to receive the Financial Services Permission (FSP).

As per Liminal, receiving the FSP from the FSRA will empower Liminal in extending its services as a trusted and reliable custodian for Virtual Assets within the ADGM jurisdiction and serve the broader MENA region. Liminal also recently launched its compliance solutions suite, with Notabene’s Travel Rule solution.

Earlier this year, in May, Liminal achieved another milestone by obtaining the TCSP License from the Hong Kong Companies Registry, enabling regulated digital asset custodial services in Hong Kong.

When Liminal secures the FSP from the FSRA, it will play a vital role in the Web3 ecosystem in the UAE, expanding its product and service offerings for the MENA region. Liminal will offer institutions a comprehensive suite of services designed to safeguard their virtual assets effectively.

Manan Vora, Senior VP of Strategy & Business Operations at Liminal, expressed enthusiasm about the IPA, stating, “ADGM has established itself as a thriving hub for innovation, growth, and maturation of the Web3 ecosystem. Their dedication to formulating clear and comprehensive regulations has created a trusted and secure environment for investors and Web3 enterprises. Recognizing the escalating demand for secure custody services in the MENA region, we took this strategic step to cater to the industry’s evolving needs. The IPA marks a significant leap forward in our mission to provide institutional-grade custody services for the digital asset industry. We are genuinely thrilled to contribute to the growth of this emerging market. After setting up an entity in Abu Dhabi, our next step is to obtain the FSP, and work closely with the ADGM team to provide regulated custody operations.”

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We extend our congratulations to Liminal on being granted the IPA from the FSRA of ADGM, which paves the way for them to become fully operational in ADGM as a premier custody provider for virtual assets. As an international financial center of the UAE’s capital, ADGM’s vision for fostering a dynamic and trusted financial ecosystem prioritizes upholding the highest standards of security, innovation, and regulatory compliance. Liminal’s capabilities and dedication align seamlessly with ADGM’s goals and reinforce our commitment to driving the growth of the digital asset space in Abu Dhabi and beyond. We anticipate witnessing Liminal’s positive impact on the market and its contribution to the advancement of virtual asset services.”

Jehanzeb Awan, Founder & CEO, J. Awan & Partners, praised Liminal’s commitment and said, “It’s truly impressive to witness Liminal’s dedication to regulatory compliance and their unwavering service to the digital asset industry. Our joint efforts in undergoing stringent screening procedures and audits have culminated in a significant milestone with the issuance of the IPA. I am confident that Liminal will continue to set new standards in the virtual asset custody space, while fostering innovation in ADGM’s rapidly emerging market.”

In its commitment to delivering regulated and compliant custody solutions in the Middle East, Liminal is pleased to welcome Dr. Bhaskar Dasgupta, Veteran Business Strategist, to Its Board in Abu Dhabi. Dr. Dasgupta is highly regarded for his contributions to ADGM, and has been instrumental in revolutionizing cryptocurrency regulation on a global scale. In the past, he has also held distinguished positions as the Chief Operating Officer of UK Export Finance and held leadership positions at esteemed financial institutions, including HSBC, ABN AMRO, Citigroup, and PwC.

Hex Trust digital asset custodian receives VARA full license

Hex Trust digital asset custodian receives VARA full license

Hex Trust, a digital asset custodian has announced that it has received a full Virtual Asset Service Provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai.

This follows the issuance of its MVP operational license in February 2023, which marks the final step in VARA’s licensing process, allowing Hex Trust to offer Virtual Assets Custodial Services to institutional clients and sophisticated investors in Dubai.

Hex Trust’s Dubai office was established in June 2022, and is led by Regional MENA Director, Filippo Buzzi.  “It is exciting for us to become one of the first virtual asset companies to receive this operating license in Dubai,” said Filippo Buzzi, Hex Trust’s Regional Director MENA. “Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”

“Hex Trust’s commitment to compliance and regulation has always been a priority. This focus has allowed us to be granted a full operating license in Dubai – one of the few companies to obtain this,” said Alessio Quaglini, Co-Founder and CEO of Hex Trust. “There is so much potential in the Emirate of Dubai. We’re excited to continue to scale our business in the region and make a positive contribution to the virtual asset ecosystem.”

The completion of VARA’s licensing process demonstrates Hex Trust’s commitment to provide a comprehensive, secure and compliant trading environment for digital asset investors in Dubai, and its dedication to help build the virtual asset ecosystem in the MENA region, which is fast becoming one of the world’s leading virtual asset hubs.

In July, Hex Trust received regulatory approval in France to provide digital asset custody services, introduced innovative AI-driven investment tools, and actively participated in global industry events. Hex Trust’s dedication to delivering 24/7 regulated digital asset support to its 200+ global institutional clients remains unwavering as the industry recovers from the bear market. Its resilient approach is a positive signal of confidence and underscores its commitment to building secure blockchain infrastructure and expanding its global reach as a fully-licensed digital asset custodian.

Komainu was the first to receive a digital assets custodial license by VARA.

Crypto.com will soon operate in the UAE after receiving license

Crypto.com will soon operate in the UAE after receiving license

Crypto.com, a global crypto exchange with more than 50 million clients has announced that it will soon be operational in the UAE after receiving a license from Dubai’s virtual asset regulatory authority (VARA).

As per the press release, the license is still subject to operational approval. This could be the reason why VARA’s registry still has crypto.com under MVP preparatory (pending).

Once fully approved as operational, Crypto.com license will allow the company to offer virtual asset services to retail and institutional investors, such as exchange services, broker dealer services, services, investment services, and lending and borrowing services.

“Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation,” Kris Marszalek, CEO of Crypto.com said.

In March 2022, five crypto exchanges made it to the status of having an MVP preparatory license, including crypto.com, OKX, Bybit, Huobi, and Equiti. Yet out of those Huobi and Equiti have not been listed on registry showcasing they dropped out, while Bybit, OKX and even Binance have yet to receive their final licenses and operate.  

While homegrown BitOasis had its license frozen for not meeting all the requirements for license, and even after receiving investment from CoinDCX has yet to move out of the frozen position.

With this new license in place, crypto.com will join BackPack exchange, Toko, and Laser Digital as licensed operational crypto exchanges in UAE.

It is expected that 15 licenses will be granted by VARA before the end of the year, as for the 1000 VASPs who applied to VARA, only two days are left for them to submit all requirements. The race is on!

BackPack XNFT wallet receives regulated crypto exchange license in UAE

BackPack XNFT wallet receives regulated crypto exchange license in UAE

BackPack Web3 non custodial XNFT wallet has received a full license by Dubai Virtual asset regulatory authority allowing it to run a regulated crypto exchange in UAE. BackPack,which was considered one of top 30 best crypto wallets in 2023 was developed by Coral. It offers XNFTs built on Solana Blockchain.

Backpack Exchange is set to launch in private beta for its community members in November before going live to the public in Q1 2024. UAE based Trek Labs Ltd FZE, will launch under the name Backpack Exchange. This license only covers Backpack Exchange and not any of the other virtual asset products and services offered by Backpack.

xNFTs are a different type of non-fungible token, that combine use cases of NFTs and applications in one asset. xNFT stands for executable non-fungible token, meaning it is a unique digital item that can run code inside it.

The XNFT is new, programmable non-fungible token (NFT) standard that act as Web3 applications, built on Solana by the developers at Coral which is part of The WAO Company. xNFTs allowing users to interact with their NFTs and use them for more than just collectibles on the blockchain. Their unique feature is to enable applications to run natively inside the NFT. For example, an xNFT lets users play a game, listen to music, or access a DeFi protocol, all within one open, programmable system built for Web3. You can also have a xNFT that updates itself based on external data or events.

The combination of Backpack Exchange and Backpack Wallet (which is currently an unregulated product) is designed to provide the smoothest transition for users from fiat to on-chain applications. While Backpack Wallet users already have access to a variety of dApps and executable NFTs (xNFTs) unique to Backpack, they will now be able to conduct trades on the exchange directly in the app.

Coral is also the company behind Mad Lads which is the Number 1 NFT collection on Solana. Backpack’s CEO and founder, Armani Ferrante, managed to navigate the challenges posed by the collapse of FTX, after which Coral lost approximately $14.5 million of FTX’s investment in a $20 million funding round backed by FTX Ventures.

Over the past five months, Backpack Exchange has developed a next-generation exchange that incorporates a novel zero-knowledge proof of reserves (zk-proofs), Multi-Party Computation (MPC) for custody, and low latency order execution, while also securing licenses in several jurisdictions worldwide and establishing premium fiat on and off ramps for users.

A VARA Spokesperson noted, “Dubai’s VA sector is fully regulated and VARA’s founding principles have been anchored on the need to structure guardrails for market security while remaining progressive and responsive to innovation. To this end, the licensing process is rigorous in its evaluation of suitably qualified ‘responsible’ participants that can serve as the UAE’s bar for convergence across global jurisdictions. In keeping with Dubai’s repute as a preferred global hub for entrepreneurship, Backpack Exchange must be recognized for their commitment to prioritize investor protection and risk assurance, and VARA appreciates their readiness to fulfill necessary prerequisites that has made them among the first VA exchanges to secure a full market license within the VARA regime”.

Armani Ferrante, CEO and Founder of Backpack, stated: “It’s time to put an end to the days of opaque crypto exchanges representing everything our industry stands against. It shouldn’t be normal to use an exchange with a single point of failure, without proof of reserves, or without auditability. A verifiable, unforgeable ledger is the exact problem blockchains solve, and Backpack Exchange is taking full advantage of that. Using cryptographic techniques like zk-proofs, MPC, and state machine replication, Backpack Exchange hopes to raise the bar for transparency and compliance to demonstrate the best this technology has to offer. Don’t trust, verify.”

Backpack Exchange will launch in private beta for existing Backpack and MadLads community members this November. The beta will feature spot crypto trading functionality. The exchange is set to go live to the public in Q1 of 2024. The Backpack Exchange team will be working to add in various trading functionalities such as derivatives, margin, cross-collateral while its compliance team, with decades of experience from Barclays, State Street, HSBC, Coinbase, and other prominent financial institutions continues to secure additional licenses around the world.

UAE’s ADGM grants crypto custodian Changer an FSP license

UAE’s ADGM grants crypto custodian Changer an FSP license

UAE based changer.ae, a crypto custodian service provider has received  the Financial Services Permission (FSP) license by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).

With the FSP, Changer has become officially authorized to offer its services to individuals who are looking for a robust and reliable platform to hold their crypto currencies. Being uniquely positioned in the UAE, Changer focuses on protecting crypto based investors and informing the community about safety, risks, and crypto investments through its state-of-the-art custodian services.

Changer’s custody solution is an easy-to-use, all-in-one platform that offers customers simplicity at their fingertips while safeguarding their virtual assets. Individuals from all over the world can soon access the mobile application and use it to store their digital assets, with peace of mind that their investments are secure and always insured.

Changer’s enterprise-grade and robust infrastructure uses advanced encryption and multi-signature authorization to enhance the security of its wallets. Unlike most applications, Changer caters to investors looking for an independent provider of safe custody. By separating trading venue and storage, market participants are better able to ensure the protection of client capital.

Regulated by the world-class advanced regulatory framework of Abu Dhabi Global Market (ADGM), Changer offers clarity and transparency in its services. Since the crypto world is a very fast-paced one and can be overwhelming at times, Changer has been designed with our clients in mind, it is simple, straightforward, and user-friendly. The intuitive interface allows customers to easily manage their digital assets, make transactions, and monitor their account activity through one of the fastest and most efficiently designed platforms. Moreover, there is a dedicated team of experts that is available for support and to answer any questions our clients may have.

Nadeem Ladki, Senior Executive Officer of Changer, commented on the launch: “We would like to thank his excellency H.E Ahmed Jasim Al Zaabi, Chairman of ADGM, the Financial Services Regulatory Authority, and particularly the Authorization Team for granting us the FSP license. This license is an endorsement from one of the most reputable regulators in the world and marks Changer’s commitment to maintaining a transparent and secure relationship with ADGM, ensuring that all our clients’ virtual assets are safeguarded in the safest way possible”.

He added: “I would like to extend my heartfelt gratitude to the dedicated Changer team, our partners, and the regulators who have made the launch possible. Our combined hard work has made Changer come to life, soon to be offering individuals all over the world the possibility to protect their investments with cutting-edge security measures. With Changer’s services catering to a global audience, we are assisting in driving the UAE’s ambition to become a global center for the crypto industry and virtual asset community”.

Beyond the imminent launch of its custody solution, Changer plans to expand its services in the near future to offer its clients simplified fiat conversion and fiat escrow services thereby enriching its product portfolio.

Dubai regulated TOKO tokenization exchange partners with Virtuzone to offer blockchain enabled VC funding

Dubai regulated TOKO tokenization exchange partners with Virtuzone to offer blockchain enabled VC funding

Dubai regulated virtual asset broker and exchange TOKO FZE a creation of international law firm DLA Piper, has partnered with  Virtuzone, a pioneer in business solutions and corporate services for the region. The partnership will include the establishment of a tokenized equity crowd funding platform will further cement Dubai’s standing at the forefront of financial innovative and as a destination for early stage and fast growth companies seeking a supportive business environment.

TOKO has just received a fully operational license from Dubai’s Virtual Asset Regulatory Authority (VARA).The partnership with Virtuzone is set to transform early-stage private equity fund raising using blockchain technology to bring enhanced transparency, accessibility, and opportunity for both investors and the businesses seeking to raise funds. Across a variety of compelling businesses, investors will have greater insight, information and access to private equities for their portfolio and the expectation of greater liquidity that comes with this digital transformation.Scott Thiel, Managing Director of TOKO, says “The VARA regulatory framework has been custom designed for virtual asset transactions, providing a robust and clear route to market that is going to support the transformation of investments and facilitate financial inclusion.  We are excited to be partnering with Virtuzone in tokenising early-stage equity investments. At TOKO, we believe in improving the world and reshaping the virtual asset management landscape through cutting-edge technology, regulatory compliance, and a user-centric approach, and this partnership with Virtuzone provides a wonderful platform to achieve this”.By tokenising early equity offerings, TOKO and Virtuzone will open up access to a broader range of investors, allowing both institutional and individual investors to participate in a more accessible and transparent manner.The partnership is poised to take full advantage of VARA’s regulatory framework to drive positive change in the financial services sector. It will create a revolutionary platform for SME-sized companies, enabling them to engage in early equity fundraising with ease.Neil Petch, Chairman and Co-founder of Virtuzone, says: “Since our founding 14 years ago, our mission remains the same – to ease the way for entrepreneurs, start-ups and SMEs and equip them with all the tools they need to succeed. We are therefore thrilled to partner with TOKO, under the VARA regulatory framework, and introduce tokenised equity offerings, which we believe will make Dubai an even more attractive destination for startups and entrepreneurs seeking funding, as well as for angel investors and venture capitalists looking to be part of Dubai’s thriving business sector. Our strategic collaboration with TOKO also aligns with the UAE’s National Entrepreneurship Agenda, which aims to establish the UAE as home to 10 unicorn companies by 2031.”This partnership between TOKO and Virtuzone represents a transformative step forward in the evolution of Dubai’s innovative financial landscape. By introducing tokenised early equity fund offerings, the collaboration will not only empower businesses but also create exciting opportunities for investors.

Standard Chartered’s digital asset platform received In Principle approval from Abu Dhabi’s ADGM

Standard Chartered’s digital asset platform received In Principle approval from Abu Dhabi’s ADGM

Standard Chartered’s backed digital asset platform, Zodia markets, has received an In-Principle Approval (IPA) fulfilling the pre-requisites to receive a Financial Services Permission (FSP) for OTC broker-dealer in virtual assets by Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial center.

As per the press release, Zodia Markets has chosen to expand into the UAE as the region establishes itself as a rapidly emerging hub for digital assets. The strategic expansion provides institutional investors from the Middle East and Africa with reliable access to this growing, alternative asset class, consolidating Zodia Markets’ position as an integral part of the global digital asset landscape.

Salem Mohammed Al Darei, CEO of ADGM Authority said, “We congratulate Zodia Markets on receiving the IPA from ADGM and welcome them to our vibrant ecosystem. Our evolving regime, progressive regulatory environment, and strong value proposition support businesses in the digital asset space, as we remain steadfast in upholding the highest standards. The harmony of traditional and new-age finance in Abu Dhabi with an international leading digital asset firm such as Zodia Markets that is backed by the well-established Standard Chartered will contribute to further enhancing the attractiveness of ADGM as a preferred destination for global entities.”

Andrew Price, Chief Compliance Officer of Zodia Markets said, “Abu Dhabi has already established a clear and forward-looking virtual asset regulatory framework. This early adoption and foresight have enabled it to attract innovation, talent and investment while raising the bar for compliance in virtual asset firms. It has been a pleasure working with the FSRA so far and I look forward to deepening our roots in the region.” 

Usman Ahmad, CEO of Zodia Markets said, “We are delighted to achieve this milestone on the journey to establish ourselves in the Middle East. We are excited at the opportunities this will open up for our business and this demonstrates progress in our expansion as a leading institution-first digital asset trading business. Our goal is to provide institutions seamless access to trade digital assets without compromising on the standards and controls that exist in traditional financial markets.”

In August 2022, Zodia Markets had announced its intention to expand into Abu Dhabi in 2023. At the time the company had stated that Abu Dhabi would be Zodia Markets first presence in the MENA region as it targets growth opportunities.

Zodia went live in July 2022 in the United Kingdom. U.K.-based Zodia Markets is a sister company of Zodia Custody, the digital assets safekeeping platform. Both firms share the same majority shareholder in SC Ventures, the venture arm of Standard Chartered.

Prior to this Abu Dhabi’s ADGM had granted RAIN crypto broker a virtual asset brokerage and custody service license. In 2022 , cryptocurrency platform Rain received in-principle approval for financial services permission (FSP) from Abu Dhabi Global Market (ADGB), which if it is fully approved will allow it to operate beyond the GCC region and offer a greater number of virtual asset pairs.

India’s CoinDCX investment into UAE BitOasis crypto broker breaths new life into the company

India’s CoinDCX investment into UAE BitOasis crypto broker breaths new life into the company

UAE based BitOasis crypto broker exchange has announced that it has secured an investment from CoinDCX, India’s biggest crypt exchange. This comes after BitOasis’s license was suspended by VARA for not meeting requirements. The latest investment will give BitOasis a new life line.

As per the news, the new capital injection will help to support BitOasis’s vision to amplify its regional presence and secure further licenses in the region.

Commenting on the news, Ola Doudin, Co-Founder and CEO of BitOasis said: “We are delighted to be working with CoinDCX, India’s leading crypto platform. From our first conversations, it was clear we share a common vision and synergies across our markets that we look forward to building towards. The investment will allow us to sharpen our focus on perfecting our existing products and expanding across our markets. We are very excited about the opportunities the funding will unlock for us.”

Sumit Gupta, Co-Founder and CEO of CoinDCX stated: “We are immensely excited about investing in BitOasis, the largest crypto trading platform in the Mena region. We have been impressed by BitOasis’s excellent product offering, strong leadership and their persistence to serve customers in the most secure and compliant manner.”

The investment comes after news that CoinDCX was in talks to acquire BitOasis. BitOasis in the past month had let go of more than 30 employees.

Prior to that VARA had freezed BitOasis’s MVP operational license for non compliance to requirements set by the Dubai virtual asset regulator. 

With this an Indian crypto exchange now has a foothold in the MENA region with the investment in BitOasis.